Please explain why -n is used why there are two Cs in the calculation.

5. You currently have $50,000 in a bank account that pays interest at 6% p.a. compounding monthly. You wish to withdraw an equal amount at the beginning of each month from this account, starting immediately, for the next 5 years. The most these monthly withdrawals can be is: A. $833.33 B. $961.83 C. $966.64 D. $1124.04 E. None of the above Solution: PV50,000C=C+C[r1(1+r)(n1)]=C+C[0.0051(1+0.005)59]=51.9841885550,000=$961.83